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It’s gotten tougher to find banks that offer savings rates to get excited about. But if you need to park some money in a savings account that earns a bit more than the paltry 0.97% average savings rate, check out Discover Bank.

The bank has an online savings account with a 1.35% annual percentage yield (APY), which is current as of April 27, 2010. There is no minimum balance requirement, but the savings rate assumes a $500 minimum balance and that the principal and interest remain on deposit.

Details of the online savings account include:

$500 minimum opening deposit

Up to six preauthorized transfers from savings during each statement period

Free online money transfers

Insured up to $250,000 by Federal Deposit Insurance Corp. (FDIC)

Interest compounded daily and credited monthly

Incoming domestic and international wire transfers are free. Some of the online savings account fees include:

$15 for excessive withdrawals

$20 for outgoing domestic wires

$40 for outgoing international wires

$35 for returned item

$20 for closing savings within 90 days of opening

Initial deposits into savings are available within 10 business days after the funds are received.

Discover Bank has over $25 billion in consumer deposits. The bank started out as Greenwood Trust Company, but became Discover Bank after joining Discover Financial Services in 2000.

Knowing that you should save more money and doing it are two different things. Use the following tips to turbo charge your savings.

Use tax refunds, monetary gifts, and other windfalls to boost your savings account balance. While it may be tempting to spend these types of one-time payouts on luxuries, entertainment, or other purchases, make a point of placing all or a portion of the money in your savings account.

Sock away money in a savings account any chance you get. Even if savings rates aren’t as high as you would like, you can still build a nice nest egg by making steady deposits over time. One way to boost a savings is to always deposit spare change.

If your job has a retirement plan that offers employer contributions, use it. You can really increase your retirement savings by contributing at least as much as the maximum amount that your employer matches.

Keep track of spending to find places where you can cut back. Cut out impulse purchases so you can keep more of your paycheck, which can allow you to boost deposits to your savings account.

Come up with a realistic plan to to grow your money. Pay off any credit card debt so you can redirect the money for those payments to your savings plan.

Oklahoma City-based Bank2 is offering a Great Rate Checking Account with a 4.01% annual percentage yield (APY) on balances up to $15,000. Balances over $15,000 earn a 1.01% APY. The bank rates are accurate as of Feb. 8, 2010.

Details of the checking account offer include:

$100 to open account

No minimum balance requirements

No monthly service fees

Refunds of ATM fees up to $50

Unlimited check writing

To qualify for the Great Rate and refunds of ATM fees you must make 12 check card purchases, one ACH or ETF direct deposit, receive e-statements, and sign up for free online banking. Requirements must be completed during each statement cycle and posted by the 5th of each month. Accounts that don’t meet all the requirements receive a bank rate of 0.1% APY on all balances.

Bank2 also has a Free Checking Account that you can open with a $50 deposit. The checking account offers:

No service charge

No minimum balance

Unlimited check writing

Free Bank2 Logo checks

Free ATM/Debit card

Free online banking

Only Oklahoma residents can open a Great Rate checking account. The Bank2 also limits each household/customer to two Great Rate checking accounts.

Bank2 is a unit of Chickasaw Banc Holding Company, which is owned by the Chickasaw Nation. Chickasaw Banc Holding Company has been in business since 2002.

It can pay to check out savings and checking account deals with local credit unions. The Saginaw Medical Federal Credit Union has competitive savings rates for people who are employed by, retired from, or volunteer for any health care business in the Saginaw, MI area.

If you have an account at the credit union but move out of the area, you can still remain a member as long as you keep at least $5 in the account.

The credit union has a Rewards checking account with a 5% annual percentage yield (APY) on balances up to $25,000. Details of the checking account include:

$50 minimum opening deposit

No minimum balance

No monthly fees

Balances over $25,000 earn a 0.5% APY

Refunds of ATM surcharge fees

To earn the highest interest rate on the checking account, you must make at least 12 debit card signature-based transactions each month, sign up for online banking and e-statements, and set up direct deposit.

If you are concerned about Internet security, Bank of America has an offer that may interest existing customers. Sign into an existing bank account using your Online Banking ID, and you can register to use McAfee Internet Security free for 12 months.

The antivirus software is a $69.99 value. At the end of the 12 months, you can renew the subscription for 50% off the regular price. You must call McAfee customer support if you want to cancel the automatic renewal.

The McAfee anvirus program blocks viruses, adware, and spyware. It also has a two-way firewall and alerts you to websites that may try to steal your identity.

If you don’t have an existing account, Bank of America offers a range of products and services. You can open a savings or checking account online in minutes.

Checking accounts include the MyAccess, which has no monthly maintenance fee if opened online and no minimum balance. You can also earn up to 20% cash back each time you shop online at certain retailer using your Bank of America check card.

The CampusEdge checking account is for students 18 years and older. The account has no monthly maintenance fee or minimum balance requirement. It also has a Stuff Happens Card that is good for a one-time refund of fees for overdrafts, returned items, and other services.

Bank rates
provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates

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Advertiser Disclosure: Many of the savings offers
appearing on this site are from advertisers from which this website receives compensation for being listed here.
This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available.